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Parallel Channel

A channel can be used as an entry pattern for the continuation of an established trend, as part of a trend following strategy. A channel forms when price action is controlled by 2 parallel, sloping lines and has tested each of these lines at least twice. An ascending channel indicates a bullish trend, with the support line connecting consecutive higher lows and the resistance line connecting consecutive higher highs.

A descending channel indicates a bearish trend, with the support line connecting consecutive lower lows and the resistance line connecting consecutive lower highs. Generally speaking, the support line of an ascending channel is a buy zone and the resistance line of a descending channel is a sell zone, while the opposing lines are profit-taking zones. A common stop level lies on the other side of the buy or sell zone. Conservative traders may look for additional confirmation before entering a trade. TradingView has a smart drawing tool that allows users to visually identify channels on a chart.
robbyduffy robbyduffy UKX, 15,
UKX: channel trade 27th Sep
30 0 3
UKX, 15
channel trade 27th Sep

DOW and NIkkei are down. Others are up. Currencies under pressure due to the Yellen speech. I was long at open and short at 7310 which worked well. Trade positive. It really helps trading through the day and just general mentality, you grumpy bastards. Even if I'm down I'll try to enter a mentality where I feel like I have been profitable all day and caught the ...

dsfx1 dsfx1 PRO AUDUSD, 240, Short ,
AUDUSD: AUD/USD
58 0 3
AUDUSD, 240 Short
AUD/USD

SHORT Obvious reasons why I'm short here... Fibonacci confluences, market structure, fundamentals for both countries at the moment, descending channel. Just waiting for that retracement to get involved. CHART ID: 10003

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 26th Sep
4 0 0
UKX, 15
channel trade 26th Sep

A big move down at open made trading the break out of the opening 5min bar a tricky one. The opening 1h bar has not broken either.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 25th Sep
13 0 2
UKX, 15
channel trade 25th Sep

We've had a bit of movement already in the FTSE. Down because of NK and further selling at open. Up again after hitting support (not other reason to be seen).47 5min opening bar break up worked though risky. We have not broken the opening 1h bar yet. Other trackers are mixed.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 22nd Sep
17 0 2
UKX, 15
channel trade 22nd Sep

The trackers are consistently down .25% and the ftse fell overnight too stopping me out. I went short at 8am but the 5min opening bar of 15points broke up and is still hovering at that level. The 1h opening bar is broken upwards but I don't think that it has momentum.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 21st September
1 0 1
UKX, 15
channel trade 21st September

The 5min opening bar break up got stopped out. I'm still long anticipating the breaking of the 1h opening bar to the upside. The other trackers are mostly down a little bit but we have a bit of a climb ahead after NK and Parsons Green.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 19th Sep
9 0 2
UKX, 15
channel trade 19th Sep

I've been away on business but now back in London so let's get started! I've been able to make some money on my zulutrade account by following boi prod. Opening 5min bar break down failed Opening 1h bar is trying to break upwards. Hesitant to enter with trend because of mixed sentiment in the other trackers.

robbyduffy robbyduffy UKX, 15, Long ,
UKX: channel trade 13th Sep
11 0 0
UKX, 15 Long
channel trade 13th Sep

We've had abig jump down at open. Looking to close the gap by buying now. The other trackers are down a similar amount. 5min bar is risky but is still in profit. Wanting the 1h opening bar to break upwards.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 12th Sep
13 0 0
UKX, 15
channel trade 12th Sep

We just had a bit of a move down so I am now long trusting in the support of 7400 and looking that the other trackers which are up. 5min opening bar break didn't quite work. 1h opening bar also failed. I don't think it was the CPI data that caused the drop.

chris_naykene chris_naykene USDJPY, 240, Short ,
USDJPY: USDJPY
31 0 1
USDJPY, 240 Short
USDJPY

Price broke out of consolidation, found support at mid range and bounced back up to either retest or head back up. I am favoring a drop to the downside for this trade due to multiple technical factors. The first target will be the most recent support zone.

robbyduffy robbyduffy UKX, 15, Long ,
UKX: up trend day 11th Sep
11 0 0
UKX, 15 Long
up trend day 11th Sep

Bit late today - on business in India. All the trackers are up. Not sure what weekend news made the FTSE jump yet. I'm finding it difficult to go long or short today because of no reason to do either apart from: The 5min opening bar broke up and is trending and still active. The 1h opening bar broke up and is trending and still active.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 8th Sep
15 0 2
UKX, 15
channel trade 8th Sep

I was thinking long this morning but looking at the other indices, I've adjusted to a non moving plan today. We still haven't really broken the opening 5min bar let alone the 1h bar.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 7th Sep
11 0 0
UKX, 15
channel trade 7th Sep

I'm long. The trackers are mixed. 5min opening bar breakout worked for 6 points.

chris_naykene chris_naykene USDJPY, 240,
USDJPY: USDJPY
22 0 0
USDJPY, 240
USDJPY

Once again price is struggling to close below 108.800, price has been descending in a channel and a break to the upside will trigger a long position.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 6th Sep
14 0 0
UKX, 15
channel trade 6th Sep

The trackers are all up bar the DOW which has dropped a huge 1%. I have my eyes on the 18th and 29th which opened to huge gaps down. 5min bar breakout was too risky because of the huge move at open - why did it move so much?

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 5th Sep
21 0 2
UKX, 15
channel trade 5th Sep

All the trackers bar the Nikkei are up today but I'm trade the prevailing negative news stories in anticipation of more negative back and forth with Korea and with the equatorial weather in the west. buying the 5min bar break would have made 12 points. We have not broken the 1h bar yet.

chris_naykene chris_naykene EURGBP, 240, Short ,
EURGBP: EURGBP
32 0 1
EURGBP, 240 Short
EURGBP

The 1 month uptrend channel was broken to the downside, following the drop price moved back up to retest support. I am anticipating a new down trend is about to start so I am waiting to see which candles form next.

robbyduffy robbyduffy UKX, 15,
UKX: channel trade 1 Sep
25 0 3
UKX, 15
channel trade 1 Sep

Not much inspiration for today. My head hurts - gym injury. That's all I know. I thought the FTSE did well to break 4000. I wasn't looking at the time but would have been buying the dips. I'm short but it could easily break 4500 so looking for another dip. 5min bar break expired at a loss. 1h bar is not broken.

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